Egypt is targeting investment in projects and other fields by the private sector of around 600 billion Egyptian pounds ($19 billion) during fiscal year 2023-2024, according to the Egyptian Planning and Economic Development Ministry.

In a report published on Monday by Al-Yaum Al-Sabei newspaper and other Egyptian publications, the Ministry said these investments account for nearly 36 percent of the total targeted investment during the current fiscal year, which started on 1 July.

The level is higher than the 31 percent and 29 percent achieved in the previous two fiscal years, the report said, adding that public investment during the current fiscal year is projected at nearly EGP1.05 trillion ($33.9 billion), accounting for 64 percent of the total investments.

“The economic plan in the current fiscal year will focus on maximising investments to attain its objectives with high efficiency…the emphasis will be on priority sectors, mainly industry, transport, communications, information technology, agriculture besides small and medium projects,” it added.

(1 US Dollar = 30.90 Egyptian pounds)

(Writing by Nadim Kawach; Editing by Anoop Menon)


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